published by the Wall Street Journal . WSJ author Alexander Osipovich explained CME filed the registration in August and Osipovich opines that the company is “taking cue from [the] crypto rival FTX.”
If CME Group’s FCM registration is approved, CME will be able to offer derivatives directly without the need for brokerage houses like TDAmeritrade, Saxo Bank Interactive Brokers, Robomarkets, and Grandcapital. FTX is awaiting approval from the CFTC to become a derivatives clearing organization. Last March, the CFTC opened public comments so it could get insight into FTX’s proposal.
The report written by Osipovich details that the chairman and chief executive of Advantage Futures, Joseph Guinan, says the move could be very dramatic. “I would not expect the CME to go down the path where they compete directly with FCMs for clients,” Guinan remarked. “However, if they did go down this path, that would be a game-changer for the FCM industry and a dramatic concern for every FCM.”
While the CFTC weighs in on the FTX proposal, Osipovich cited Craig Pirrong, a finance professor at the University of Houston when he said that CME’s FCM decision was a response to the FTX plan. “From a philosophical perspective, they would prefer not to do this,” Pirrong said on September 30. “But in the event that the CFTC does approve the FTX model, from a competitive perspective, they may feel that they have to do this.
Osipovich also published commentary from a CME Group spokesperson who commented on CME’s FCM August filing. “Our commitment to the FCM model and the significant risk management benefits it provides to all industry participants remains unwavering,” the CME Group representative said. In terms of bitcoin (
Welcome SHIDOFINANCE
Congratulations to them. for now I am surviving the bear market by doing futures and leverage etf in MEXC. Switched from binance coz they have the highest liquidity.
We are still early!
Airdrop Don't be late 🤯
Why is everybodyy silent on thiss?
🚀Thnkss a millon.
Is this good news or bad news for you guys?
Lol, I only listen to ChiefraFba for signals and analysis